The present invention relates generally to financial statements. The present invention relates more specifically to methods and systems for providing account balance payoff information to customers on their billing statements.
Banks and other financial institutions that issue credit offer many different plans to customers. For example, different plans may award loyalty points or credits such as airline miles. Different plans have different annual fees, late payment penalties, interest rates, minimum payments, and the like. Further, within a plan, different interest rates, minimum payments, and the like may apply to different types of transactions. Thus, plans are designed to attract and maintain a variety of different types of customers, and any particular plan may include a range of different variables.
It is well known that merchants accept credit cards as one form of payment in service and merchandise transactions. Correctly processing a transaction may involve the merchant's bank, a credit card association such as Visa or MasterCard, and the issuing bank. In some cases, a credit processing organization processes transactions on behalf of issuing banks, retailers, or financial institutions. Transaction data is used to produce statements that are then sent to customers for payment. Statements may include a listing of recent transactions, payments received, interest charged, an outstanding balance, a minimum payment due, and the like.
The present invention provides additional information to be displayed on billing statements.